Spectrum Talent Management IPO: Issue subscribed 53% on Day 1; check details
Spectrum Talent Management's initial public offering (IPO) was subscribed 53% on Day 1, with bids received for 30,40,800 shares against 6,077,600 shares on offer. The price band for the offering is set at ₹169 to ₹173 per share.
PremiumSpectrum Talent Management IPO Subscription Status: The SME initial public offering (IPO) of Spectrum Talent Management Ltd was subscribed 53% on Day 1. The public issue that opened for subscription on Friday, June 9, will close on Wednesday, 14 June.
On Day 1 of the subscription, the issue again received positive response from Qualified Institutional Buyers (QIB) and retail investors who's set portion was subscribed 1.66 times and 60%, respectively. While the non-institutional bidders (NII) portion was subscribed 20% of the portion set aside, according to data on chittorgarh.com.
The company has received bids for 30,40,800 shares against 6,077,600 shares on offer, according to data on chittorgarh.com.
The price band for the offering has been set at ₹169 to ₹173 per share, with the upper price band estimating the IPO size to be roughly ₹105.14 crore.
The lot size is 800 shares. The minimum investment value for retail investors is ₹138,400.
The company has reserved 50% of the IPO size for qualified institutional buyers (QIBs), 15% for non-institutional investors (NII), and the remaining 35% is reserved for retail individual investors (RIIs). The NII reservation includes Market Maker portion of 304,000 equity shares.
A fresh issue of 51.85 lakh equity shares and an offer to sale (OFS) of 8.92 lakh equity shares make up the initial share sale.
The company will use the IPO proceeds to cover its issue costs as well as its working capital needs, business acquisitions in related or complementary industries, and general corporate objectives.
In an increasingly competitive corporate environment, the company hopes to profit from the rising demand for people management services.
The issue's sole book running lead manager is Sarthi Capital Advisors Private Ltd.
The company said in a statement that its shares would be listed on NSE Emerge, a platform for small and medium-sized businesses.
The company, which has its headquarters in Delhi, provides payroll, recruitment, onboarding, and flexible workforce services. The company is a multinational recruiting firm that successfully fills niches in numerous industries. Additionally, it expanded its product lines and began shipping several brand names of mobile phones to the UAE from India.
Spectrum Talent Management IPO: Check issue dates, GMP, other key things to know
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